The average price of a gallon of self-serve regular gasoline in Orange County decreased by 1.4 cents on Saturday, bringing the cost to $6.385. This marks the second consecutive day of slight price reductions for the county, following a period of sustained increases.
Prior to these recent dips, Orange County gas prices had climbed for 42 days over a 44-day period, reaching a point within 5.3 cents of the county’s all-time record high. According to figures from the AAA and Oil Price Information Service, the current average price is 1.6 cents more than one week ago and 56.9 cents more than one month ago. When compared to one year ago, the price is $1.697 higher. The record average price for Orange County was $6.458, set on October 5, 2022.
The increase in prices has been notable since late February. Since February 28, coinciding with the start of a joint U.S./Israel war on Iran, Orange County’s average gas price has risen by $1.749. This period reportedly saw higher oil prices contributing to the acceleration of pump price increases.
Looking ahead, analysts have predicted that California gas prices may begin to drop slightly. This expectation follows an announcement from Governor Gavin Newsom late Monday, which stated that the sale of cheaper winter-blend gasoline would be permitted immediately at gas stations across California.
Neighboring Los Angeles County also experienced a decrease in its average price, which dropped eight-tenths of a cent on Saturday to $6.424. This was also its second consecutive slight decrease, coming after a 44-day streak of increases that brought prices within 5.4 cents of that county's record. In Los Angeles County, the average price is 3.7 cents more than one week ago, 59.3 cents more than one month ago, and $1.706 more than one year ago. The record average price for Los Angeles County was $6.493, set on October 5, 2022. Since February 28, prices in Los Angeles County have increased by $1.73.
Nationally, the average price for regular gasoline has fallen for eight consecutive days, decreasing by 1.6 cents to $4.38. Over the past eight days, the national average has dropped 11.1 cents. The national average price is 10.7 cents less than one week ago, but still 23.7 cents more than one month ago and $1.228 more than one year ago. Since the attack on Iran, the national average has increased $1.398. The AAA noted on Thursday that while crude oil prices have fallen back into the $90 per barrel range, contributing to a lower national average, overall gas prices for this time of year remain historically high.
